XML 26 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities:    
Net Income $ 54,248 $ 51,254
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,656 33,972
Amortization of debt deferred costs and intangibles, net 709 820
Non-cash lease expense 324 299
Impairment loss 44 74
Equity in earnings of real estate joint ventures and partnerships, net (27,097) (5,417)
Gain on sale of property (13,576) (17,787)
Distributions of income from real estate joint ventures and partnerships 14,962 3,384
Changes in accrued rent, accrued contract receivables and accounts receivable, net 16,377 20,002
Changes in unamortized lease costs and other assets, net 6,296 (2,736)
Changes in accounts payable, accrued expenses and other liabilities, net (31,551) (28,742)
Other, net 6,629 1,257
Net cash provided by operating activities 64,021 56,380
Cash Flows from Investing Activities:    
Acquisition of real estate and land, net (25,506) (19,699)
Development and capital improvements (44,404) (48,476)
Proceeds from sale of property and real estate equity investments, net 45,053 65,543
Real estate joint ventures and partnerships - Investments (3,176) (9,094)
Real estate joint ventures and partnerships - Distribution of capital 16,433 554
Proceeds from investments   8,375
Other, net (161) 1,363
Net cash used in investing activities (11,761) (1,434)
Cash Flows from Financing Activities:    
Principal payments of debt (18,749) (1,576)
Changes in unsecured credit facilities 497,000 (5,000)
Proceeds from issuance of common shares of beneficial interest, net 167 727
Repurchase of common shares of beneficial interest, net (18,219) 0
Common share dividends paid (50,935) (50,816)
Debt issuance and extinguishment costs paid (2) (147)
Distributions to noncontrolling interests (1,301) (1,572)
Contributions from noncontrolling interests 1,150 326
Other, net (1,161) (1,321)
Net cash provided by (used in) financing activities 407,950 (59,379)
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents 460,210 (4,433)
Cash, cash equivalents and restricted cash equivalents at January 1 55,291 76,137
Cash, cash equivalents and restricted cash equivalents at March 31 515,501 71,704
Cash paid for interest (net of amount capitalized of $2,663 and $2,921, respectively) 17,474 18,151
Cash paid for amounts included in operating lease liabilities $ 1,096 $ 1,015